UK-based THG has upgraded its earnings guidance for the year on the back of a “stronger performance” from its sports-nutrition unit.
In a trading statement on its third quarter today (15 October), the group said it now expects to generate £103m ($136.5m) in adjusted EBITDA in 2026.
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THG had previously expected the measure to be in line with market consensus of £101.7m.
In its statement, the group said the upgrade was “reflecting stronger performance in THG Nutrition”, which sells products such as protein powders, spreads and shakes under the Myprotein brand.
The group’s share price was up more than 16% at 12:53 BST today following the release of the statement.
For its third quarter ended 30 September, THG recorded £408.8m in group revenue, a 1% rise on year on year and 1.5% increase in constant-currency terms.
Revenue in THG’s Nutrition unit was up 3.7% year-on-year and rose 5.3% versus last year in constant currency terms, to £152.4m.
Volumes for the MyProtein branded unit shot up 36.2% year on year in the third quarter.
THG said it anticipated seeing the brand’s tie-ups with Vimto owner Nichols and Spoon breakfast cereals to further boost volumes through the next quarter.
In the trading statement, CEO Matthew Moulding said the Myprotein brand’s “omnichannel strategy has taken a major step forward” in the quarter through “new partnerships”.
Businesses it has recently started working include the UK on-trade coffee chain Caffè Nero on high-protein coffees. It has also started a tie-up with McVitie’s biscuits maker Pladis on a Jaffa Cake-flavoured whey protein milkshake and more protein bars for the convenience channel.
THG’s Nutrition unit was also helped in the quarter by declining whey prices, the company said, with prices of WPC80 whey protein concentrate dropping 20% since the company’s half-year results in September.
It said the price decline offers “an increasingly encouraging backdrop for THG Nutrition margins in FY27”.
Moulding said: “Following a particularly strong first half of 2026, I’m pleased to report that our momentum has continued through Q3, with profitability exceeding our expectations. This has enabled us to upgrade our full-year adjusted EBITDA expectation to £103m, ahead of market consensus.”
The CEO also said the business was still “on track” to achieve its first year of positive cash flow since the group floated on the London Stock Exchange in 2020.
“This represents a significant milestone for THG and reflects the progress we have made in strengthening the group’s financial position,” he said.
Reflecting on the results, Charlotte Chilcott, a retail analyst at GlobalData, Just Drinks‘ parent, said: “Easing whey prices, together with long-term contracts for other key ingredients such as creatine, collagen and vegan proteins, give the division greater cost certainty into Q4 and FY2027.
“This should allow Myprotein to protect margins while keeping its pricing competitive, which is increasingly important as mainstream food brands move into protein with their own high-protein ranges.”
